Live Auction FAQs
- What is a Live Only Auction?
- How does a live auction work?
- How do I register to bid in a Live Auction?
- Do I have to register to bid for every Live Auction I want to bid in?
- Should I sell my property through internet auction or traditional "live" auction?
- What is a Simulcast Auction?
- How does the Simulcast Auction work?
Q: What is a Live Only Auction?
A: In a Live Only Auction, bids are only accepted from the auction floor from bidders who are physically present at the auction. There is no online catalog for the auction. Auction Systems conducts very few of these type of auctions.
A: Here's how the live auction process works:
- Bidders must receive bidder cards from a cashier in order to make a bid on any item. In most cases a refundable cash deposit is required to receive a card.
- When the auction is about to begin, the auctioneer announces the terms of the sale so all bidders are aware of their responsibilities in bidding.
- When a bidder is ready to make a bid, they simply raise their hand or their bidder card and the auctioneer or ringmen acknowledges the bid.
- Phone bids are recognized by the phone person and these bids are considered the same as if the bidder were present.
- The ringman assists the auctioneer in spotting bids, holding up merchandise so the bidders can see the item for bid and marking the item with the bidder's number once it has been sold. Upon successful winning of the bid, the auctioneer tells the clerk what the bidder paid for the item and their bidder number.
- This information is recorded and given to the cashier who tabulates the bidder's purchases for check out from the sale.
- The bidder pays by either cash or cashier's check. In most cases, the bidder must remove their property from the auction location immediately following the sale.
- For more information on buying at auction, click here!
Q: How do I register to bid in a Live Auction?
A: If you are a registered bidder online, and you want to attend a live auction stop by the cashier, produce the credit card that you registered with online and you will be given a live bidding card. If you aren’t registered online, you only need stop by the cashier and complete a registration form and leave a deposit of $100 or a major credit card to be held until you check-out from the auction.
Q: Do I have to register to bid for every Live Auction I want to bid in?
A: Not if you are a registered bidder online just stop by the cashier, produce the credit card that you registered with online and you will be given a live bidding card. If you aren’t registered online, you only need stop by the cashier and complete a registration form and leave a deposit of $100 or a major credit card to be held until you check-out from the auction.
Q: Should I sell my property through internet auction or traditional "live" auction?
It depends on the type of product that you are selling. In some cases where you have a large amount of product to sell that would "flood" the market in your area - it is best to sell your items on the Internet. In other cases, where your products must be seen to be appreciated, a traditional auction fits your needs. There are times however when both marketing methods will meet your needs. Please allow an Auction Systems' representative assist you in making the decision about how best to sell your merchandise.
Q. What is a Simulcast Auction?
A. A Simulcast Auction is an auction where live bidders are physically present onsite at an auction location bid against Internet bidders online who have either placed a proxy bid or are bidding live in real time from their computer.
Q: How does the Simulcast Auction work?
A: In Simulcast Auctions, all lots are listed in our online catalog with a description and a photograph and are available for viewing and proxy bidding by registered Internet bidders for approximately seven days prior to the live auction event. When the live auction event begins, Simulcast Live Bidding opens for our online bidders so they can place a bid in real time and compete against the live auction attendees. Internet bidders can also listen to the auction over Auction Systems Radio Network.